That U.S. outperformance has taken many investors by surprise.
Then, European countries were believed to be handling the pandemic and the reopening of their economies better, and political risk was seen shifting from Brussels to Washington amid a wave of unrest and the upcoming U.S. presidential election in November. Progress for Europe’s bourses is also expected to be limited in 2021 with an average expectation for the STOXX 600 to reach 410 points by the end of next year, still well below the record 433.9 set on Feb. 19.
“We think stock markets will stay in a kind of trading range of around 10%, supported by low yields on the one hand, and on the other, capped by many risks: economic weakness, geopolitics and the presidential election in the U.S.”, said Jean-Marie Mercadal, deputy chief executive officer at OFI Asset Management.So far in the second-quarter earnings season, companies in the STOXX 600 have posted a 57.7% year-on-year fall in profits, the latest I/B/E/S data from Refinitiv shows.
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